Jake Johnson is a senior editor and staff writer for Common Dreams.
In the United States, the 400 richest individuals now own more wealth than the bottom 64 percent of the population and the three richest own more wealth than the bottom 50 percent, while pervasive poverty means one in five households have zero or negative net worth. 'All combined, households in the bottom one percent have a combined negative net worth of $196 billion.
'Looking at this trend through the lens of race reveals that 30 percent of black households and 27 percent of Latino households have zero or negative wealth.' In order to get a broader sense of the size of the chasm between rich and poor in the U.S., Collins and Hoxie place the net worth of the top one percent and the bottom one percent side by side. 'The wealthiest 25 individuals in the United States today hold more wealth than the bottom 56 percent of the U.S.
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